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Gazprom headquarters in Moscow
OAO Gazprom ( , Otkrytoye aktsionernoye obshchestvo "Gazprom") is the largest extractor of natural gas in the world and the largest Russian company. Gazprom was created in 1989 when the Ministry of Gas Industry of the Soviet Unionmarker transformed itself into a corporation, keeping all its assets intact. The company was later privatized in part, but currently the Russian government holds a controlling stake.

In 2008, the company produced 549.7 billion cubic meters (BCM) of natural gas, amounting to 17% of the worldwide gas production. In addition, the company produced 32 million tons of oil and 10.9 million tons of gas consendate. Gazprom's activities accounted for 10% of Russia's gross domestic product in 2008.

The major part of Gazprom's production fields are located around the Gulf of Obmarker in Yamalo-Nenets Autonomous Okrugmarker in Western Siberia, while the Yamal Peninsulamarker is expected to become the company's main gas producing region in the future. Gazprom possesses the largest gas transmission system in the world, with 158.2 thousand kilometers of gas trunklines. Major new pipeline projects include North Stream and South Stream.

The company possesses subsidiaries in many different industry sectors, including finance, media and aviation. In addition, it controls majority stakes in various companies.

Gazprom is publicly traded at stock exchanges as , , , and OTC:OGZPY.

History

1989-1992: Inception

A separate Soviet gas industry was created in 1943. Large natural gas reserves discovered in Siberiamarker and the Ural and Volga regions in the 1970s and 1980s enabled the Soviet Union to become a major gas producer. Gas exploration, development, and distribution were centralized in the Ministry of Gas Industry, which was created in 1965.

In August, 1989, under the leadership of the Minister of Gas Industry Viktor Chernomyrdin, the ministry transformed itself into State Gas Concern Gazprom, which became the country's first state-corporate enterprise. The company was still controlled by the state, but now the control was exercised through shares of stock, 100% of which were owned by the state.

When the Soviet Union dissolved in late 1991, assets in the former Soviet states were transferred to newly created national companies such as Ukrgazprom and Turkmengazprom. Assets on the territory of Russia were kept by Gazprom. The company thus retained its position as a natural monopoly in the gas sector. This is in marked contrast to Russia's oil industry, which was broken up into several companies.

1993-1997: Privatization

After the new Russian President Boris Yeltsin appointed Chernomyrdin to be his Prime Minister in December 1992, the political influence of Gazprom increased markedly. On , Rem Viakhirev became the Chairman of both the Board of Directors and the Managing Committee.

As the new government was committed to economic reform, Gazprom began to be privatized, becoming a joint-stock company according to the Decree of the President of the Russian Federation of and the Resolution of the Council of Ministers of the Russian Federation of , and starting to distribute shares under the voucher method, where every Russian citizen received vouchers to purchase shares of formerly state-owned companies. However, trading these shares was heavily regulated, and the by-laws of the company prohibited foreigners from owning more than 9 percent of the shares.

Gazprom slowly established credibility in the western capital markets with an offering of one percent of its equity to foreigners in October 1996 in the form of Global Depository Receipts and a successful large bond issue of US$2.5 billion in 1997.

On the second annual shareholders' meeting on , Alexander Kazakov, the chairman of Russia's State Property Committee, was appointed the Chairman of the Board of Directors, as the Russian law on JSC required the Chairman of the Board of Director and the Chairman of the Managing Committee positions to be occupied by different persons.

1998-2000: Scandals

In 1998 Chernomyrdin was fired from his position as Russia's Prime Minister by President Boris Yeltsin. At the same time, the Russian government suddenly started demanding billions of rubles in back taxes from Gazprom. When tax prosecutors started to seize assets of Gazprom, the company gave in and paid. The company's records started showing a loss for the first time. The reasons are unclear and were explained either by an aging pipeline transport network, corruption, or pre-existing losses that appeared because of more transparent accounting policies.

Gazprom conducted dubious transactions with the gas-trading company Itera and a Gazprom/Itera joint-venture, Purgaz, in the late 1990s, which allegedly benefited various management members and their relatives. Additionally, large-scale asset-stripping of Gazprom was going on by corrupt management and board members through various transactions involving the Gazprom daughter Stroytransgaz and the regional gas company Sibneftegaz. The Gazprom auditor PricewaterhouseCoopersmarker apparently had signed off and covered these transactions.

At the fifth annual shareholders' meeting on , Viktor Chernomyrdin became the Chairman of the Board of Directors.

At the seventh shareholders' meeting on (the sixth took place on ), Deputy Head of Russia's Presidential Administration Dmitry Medvedev occupied this position.

2001-2003: Reform years

Russian President Vladimir Putin was actively pursuing reforms in the management of the company in the years following the scandals. This was aided by shareholder activism by Hermitage CEO William Browder and former Russian finance minister Boris Fyodorov.

In April 2001 Gazprom took over NTV, Russia's only nationwide state-independent television station held by Vladimir Gusinsky's Media-Most holding, which caused major changes in its editorial policy. On November 8, 2001 by the decision of a Moscow court of , a block of shares comprising 25% of stock capital of the Media-Most holdings was transferred to Gazprom Media, a media holding founded in 1998 and owned by Gazprom. In July 2002 Gazprom Media acquired all of Gusinsky's shares in media companies of the holding, which resulted in dramatic changes of their editorial policy and closure of some publications. In June 2005 Gazprom Media purchased the influential Russian newspaper Izvestia.

Until 2004, the Russian government held a 38.37% stake in the company, and had a majority on the company's board of directors. Gazprom provides 25% of all Russian tax revenues (averaging over US$4 billion annually between 1993-2003) and accounts for 8% of the nation's gross domestic product. Non-Russian investors may legally buy Gazprom shares only through Depositary Shares, which cost more than locally-traded shares.

2005-2006

Russian Government control

In June 2005, Gazprombank, Gazpromivest Holding, Gazfond and Gazprom Finance B. V., subisidiaries of Gazprom, agreed to sell a 10.7399% share to the state-owned company Rosneftegaz for $7 billion, which was considered by some western analysts as an understated price. The sale was to be completed by , which combined with the 38% share of the State Property Committee, gave the Russian Government control of the company.

In September 2005, Gazprom bought 72.633% of the oil company Sibneft (now Gazprom Neft) for $13.01 billion, aided by a $12 billion loan, which consolidated Gazprom's position as a global energy giant and Russia's biggest company. On the day of the deal the company was worth £69.7 billion/US$123.2 billion, equivalent at the time to the gross domestic product of Ireland.

Gazprom City

On November 15, 2005, Gazprom CEO Alexei Miller and Saint Petersburgmarker Governor Valentina Matviyenko announced that Sibneft is going to build the Gazprom Citymarker business center including a high skyscraper with its headquarters on the right bank of the Neva Rivermarker in front of the Smolny Cathedralmarker in Saint Petersburg, despite current regulations forbidding construction of a building of more than high.

Russia-Ukraine gas dispute

On , at 10:00 (Moscow time), Gazprom ceased the supply of gas to the Ukrainianmarker market, calling on Ukraine's government to pay increases that partially reflected the global increases in fuel prices.

During the night from January 3 to January 4, 2006, Naftogas of Ukraine and Gazprom negotiated a deal that temporarily resolved the long-standing gas price conflict between Russia and Ukraine.

On , Gazprom agreed to supply Ukraine with gas for the rest of the year in a deal that will cut out intermediary companies, a move it hopes will end payment disputes. Ukraine will pay $315 (£115) per 1,000 cubic metres of gas supplied in January and February this year, then between March and December it will pay $179.50 per 1,000 cubic metres. This came after a three day crisis the week before when gas supplies to Ukraine were halved.

Foreign investment

As the Russian state had acquired a controlling share of Gazprom earlier in the year, the 20% restriction on foreign investment in Gazprom was lifted and the company became fully open to foreign investors.

Exclusive export right

On , the Federal Law "On Gas Export" granting Gazprom exclusive right to export natural gas was published, and hence came into force. It was almost unanimously approved by the State Duma on July 5, by the upper house, the Federation Council on July 7 and signed by President Vladimir Putin on July 18.

Russia-Belarus energy dispute

On , Gazprom indicated it would triple the price of natural gas sold to Belarusmarker after December 31, 2006. In December 2006 Gazprom threatened a cut-off of supplies to Belarusmarker at 10 a.m. Moscow time on January 1, 2007, unless it agrees to raise the price it pays for the gas from $47 to $200 per 1,000 cubic metres or to cede control over its distribution network. Some analysts suggested Moscow was penalising Alexander Lukashenko, the President of Belarus, for not delivering on pledges of closer integration with Russia, while others noted that other friendly countries like Armenia were paying as much for their gas as Belarus would with the new price levels.

Later Gazprom requested a price of $105, yet Belarus still refusing the agreement. It responded that if supplies were cut, it would deny Gazprom access to its pipelines, which would hurt gas transportation to Europe. However, on January 1, 2007, just a few hours before the deadline, Belarus and Gazprom signed a last-minute agreement. Under the agreement, Belarus undertook to pay $100 per 1,000 cubic metre in 2007. The agreement also allowed Gazprom to purchase 50% of the shares in Beltransgaz, the Belarusian pipeline network. Immediately following the signing of this agreement Belarus declared a $42/ton transportation tax on Russian oil travelling through the Gazprom pipelines crossing its territory.

Sakhalin-II

In December 2006, Gazprom signed an agreement with Royal Dutch Shell, Mitsui and Mitsubishi, taking over a half plus one share in Sakhalin Energy.

2007

In June 2007, TNK-BP, a subsidiary of BP plc agreed to sell its stake in Kovykta field in Siberia to Gazprom after the Russian authorities questioned BP's right to export the gas to markets outside Russia. On June 23, 2007, the governments of Russia and Italy signed a memorandum of understanding to cooperate on a joint venture between Gazprom and Eni SpA to construct a 558-mile (900 km) long gas pipeline to carry 1.05 trillion cubic feet (30 billion cubic meters) of gas per year from Russia to Europe. The South Stream pipeline would extend under the Black Seamarker to Bulgariamarker with a south fork extending to Italy and a north fork to Hungary.

2008 to 2009

In November 2008 Gazprom and Ukraine escalated their dispute. This resulted in both Gazprom and Ukraine cutting gas supplies to part of Europe in 2009.

Supply

Production

In 2008, the Gazprom group produced 549.7 billion cubic meters of natural gas. This amounted to 17% of the worldwide and 83% of Russian production. Of this amount, the Yamburgmarker subsidiary produced 41%, Urengoy 23.6%, Nadymmarker 10.9%, Noyabrskmarker 9.3% and others 15.2%. In addition, the company produced 32 million tons of oil and 10.9 million tons of gas consendate.

Major part of Gazprom's current production fields are located in the Nadym-Pur-Taz region (near the Gulf of Obmarker) in Yamalo-Nenets Autonomous Okrugmarker in Western Siberia. The three largest ones—Medvezhe, Urengoy and Yamburg—have been sustaining Russian gas production for 20 years. They are now in a declining state of production, with production falling by 20 25 bcm per year. Gazprom's fourth large field, Zaporliarnoe was able to increase production until 2004, which offset the decline in the three largest fields. From 2004, the company has been able to sustain its overall production levels by launching production from new smaller fields and by purchasing production assets from other companies.

Crude oil production comes mostly through the subsidiary Gazprom Neft, which was previously called Sibneft. Gazprom bought 75% of the company's shares in 2005 for $13.1 billion.

billion cubic meters 2004 2005 2006 2007 2008
Natural gas 552.5 555.0 556.0 548.6 549.7
Source: Gazprom in figures 2004-2008.


million tons 2004 2005 2006 2007 2008
Crude oil 0.9 9.5 34.0 34.0 32.0
Condensate 11.1 11.5 11.4 11.3 10.9
Source: Gazprom in figures 2004-2008.


Imports from Central Asia

Imports from Central Asia have become very important to Gazprom's supply balance. In 2007, Gazprom imported a total of 60.7 billion cubic meters from Central Asia: 42.6 bcm from Turkmenistanmarker, 8.5 bcm from Kazakhstanmarker and 9.6 bcm from Uzbekistanmarker. In particular, 75% of all Turkmen gas exports go to Gazprom, which in turn exports the gas to Ukrainemarker. The price of the Central Asian gas received by Gazprom ranged from $130/mcm to $180/mcm in 2008. Gazprom has agreed that prices will rise to European levels in the near future.

Reserves

The company's proved and probable reserves under PRMS international standards in 2008 were 21.03 trillion cubic meters of natural gas, amounting to 17% of the world's proved natural gas reserves; 1.278 billion tons of crude oil and 729.8 billion tons of gas condensate. 73.2% of Gazprom's natural gas reserves were located in the Urals Federal District, 14.3% in the Arctic shelf, 7.8% in the Southern Federal District, 2.3% in Volga Federal District, 1.2% in Siberian Federal District, and 1.2% in other territories.

trillion cubic meters 2004 2005 2006 2007 2008
Natural gas 20.90 20.66 20.73 20.82 21.03
Source: Gazprom in figures 2004-2008.


Development and exploration

Location of the Shtokman gas field
Since the production at Gazprom's current main production fields is declining, new fields need to launched in the next few years in order for the overall production levels to be sustained. Recognizing this, the company has been investing heavily in major projects, with overall yearly investment reaching about 480 billion rubles ($20 billion) in recent years. Nearly 37% of Gazprom's reserves are located in Yamal Peninsulamarker and in the Barents Seamarker, and access needs to be gained to those reserves before they can be produced.

Yamal Peninsula

Gazprom's main solution to the decline of current fields is the development of new fields located in the Yamal Peninsulamarker, which is expected to become the company's main gas producing region in the future. The explored reserves there amount to over 10 trillion cubic meters of natural gas and over 500 million tons of oil and gas condensate. About 60% of this is located in major fields such as the Bovanenkovo, Kharasavey and Novoportovo fields. The Bovanenkovo field is expected to become the first one commissioned, starting production in 2011. The design natural gas production capacity of the Bovanenkovo field is defined as 115 bcm per year, with potential of increase to 140 bcm per year. The planned 2011 start date has been met with skepticism by analysts. The main obstacle for the deadline is the lead time necessary to mobilize materials to drill development wells, and especially the technically challenging construction of Bovanenkovo–Ukhta pipeline across Baydaratskaya Baymarker, which will connect the Bovanenkovo field to Gazprom's gas transmission network. It has been predicted that failure to launch Yamal production in 2011 will lead to a decline in Gazprom's overall production capability, and even if the field is launched in time, this will only enable the company to sustain current levels, but not to increase production.

Shtokman field

Gazprom's other major future source is the Shtokman field one of the world's largest natural gas fields. It is a supergiant field located offshore in the central part of the Barents Seamarker, northeast of the city of Murmanskmarker and 1,000 km west of the Yamal Peninsula. The field is estimated to contain to 3.7 trillion cubic meters of gas. Potential production is 71 bcm per year in the initial phases, with a potential of increase to 95 bcm per yer. Gazprom, French Total and Norwegian StatoilHydromarker have created a joint company Shtokman Development AG for development of the phase 1 of the field. The production is expected to start in 2015.

Other options

Another large-scale production option would be the development of the Kovykta field in Eastern Siberiamarker, but this has been seen as a last resort alternative due to its cost. In the short term, Gazprom plans to increase production to 570 bcm in 2010 by developing the following fields in the Nadym-Pur-Taz region: Zapolyarnoye, Pestsovoe, Kharvutinskoe, Yuzhno-Russkoe, Zapadno-Pestsovoe, the Nydinskaya part of the Medvezhe field and Urengoy Achimovskoe.

Exploration

In Russia, Gazprom carried out 284.9 kilometers of exploration well drilling; 124,000 kilometers of 2D seismic survey and 6,600 square kilometers of 3D seismic survey in 2008. As a result, gas reserves grew by 583.4 billion cubic meters, while oil and condensate reserves grew by 61.0 million tons.

Gazprom also carries out prospecting and exploration in foreign countries such as India, Algeriamarker, Venezuelamarker, Vietnammarker, Libyamarker, Kazakhstanmarker, Uzbekistanmarker, Kyrgystanmarker and Tajikistanmarker.

Transmission

Natural gas pipelines from Russia to Europe
Gazprom's Unified Gas Supply System (UGSS) includes 158.2 thousand kilometers of gas trunklines and branches and 218 compressor stations with a 41.4 mln kW capacity. The UGSS is the largest gas transmission system in the world. In 2008, the transportation system received 714.3 billion cubic meters of gas. The UGSS is currently at the superior limit of its capacity.

Major transmission projects include the Nord Stream and South Stream pipelines, as well as several pipelines inside Russia.

Sales

In 2006, Gazprom sold 316 bcm of gas to domestic customers in Russia; 162 bcm to Europe and 101 bcm to CIS countries and the Baltic states. There is a considerable difference in gas prices for these three customer groups. Inside Russia, according to Russian government policy, Gazprom is forced to sell gas at a considerable discount. This is a result of a socialist legacy, according to which energy is a "basic human right." Consequently, Gazprom receives about 60% of its revenues from its sales to European customers.

The cheap domestic price has caused problems for the Russian economy, such as overdependency on gas as an energy source and lack of investment in new production fields. Until 2004, Gazprom could only sell gas inside Russia at loss. It has also been recognized that development of the new high-cost gas fields will not be possible without price increases. In 2006, the Russian government decided that domestic gas prices for industrial customers will rise to European netback levels (with tariffs and transmission costs reduced) by 2011. In 2008, average gas price paid by Russian industrial customers was $71/mcm, while households paid $54/mcm. Both prices are expected to rise about 25% in 2009, 25% in 2010, and 40% in 2011. Gazprom's attempts to bring CIS export prices to European levels have lead to several disputes, most seriously with Ukraine in 2006 and 2009.

Gazprom sales of gas 2004-2008
2004 2005 2006 2007 2008
Volume Price Volume Price Volume Price Volume Price Volume Price
Russia 306 bcm $47/mcm 307 bcm $36/mcm 316 bcm $43/mcm 307 bcm $42/mcm 287 bcm $67/mcm
CIS+Baltic 66 bcm $36.33/mcm 77 bcm $50.02/mcm 101 bcm $76.37/mcm 100 bcm $91.6/mcm 96.5 bcm $118/mcm
Europe 153 bcm $101.61/mcm 156 bcm $140.09/mcm 162 bcm $192.59/mcm 168.5 bcm $185/mcm 184.4 bcm $313/mcm
Prices are excluding VAT and tax and custom duties. Sources:


Exports

Gazprom delivers gas to 25 European countries, the only major exceptions being Spain and Portugal. The vast majority of Russian gas in Europe is sold on long-term 20 25 year contracts, although recently the subsidiary Gazprom Marketing and Trading has been increasingly active in short-term sales business.

By the end of 2004 Gazprom was the sole gas supplier to at least Bosnia and Herzegovinamarker, Estoniamarker, Finland, Republic of Macedoniamarker, Latviamarker, Lithuaniamarker, Moldovamarker and Slovakiamarker, and provided 97 percent of Bulgaria'smarker gas, 89 percent of Hungary'smarker, 86 percent of Poland'smarker, nearly three-quarters of the Czech Republic's, 67 percent of Turkeymarker's, 65 percent of Austria's, about 40 percent of Romaniamarker's, 36 percent of Germany'smarker, 27 percent of Italy'smarker, and 25 percent of France'smarker. The European Union as a whole gets about 25 percent of its gas supplies from Gazprom.

Company characteristics

Gazprom is a vertically integrated company which dominates both upstream and downstream activities. It owns all main gas-processing facilities in Russia, operates the country's high pressure pipelines and has (since 2006) a legal export monopoly. Other natural gas producers, such as Russia's second largest gas company Novatek, are forced to use Gazprom's facilities for transmission and processing.

At the end of 2008, Gazprom had 221.300 employees in its major gas production, transportation, underground storage and processing subsidiaries. Of this, 9.5% were management, 22.9% were specialists, 63.4% were workers and 4.2% were other employees.

Gazprom belongs to the so-called national champions; a concept advocated by former Russian president Vladimir Putin, in which large companies in strategic sectors are expected not only to seek profit, but also to advance Russia's national interests. For example, Gazprom sells gas inside Russia considerably under the global market price as a form of subsidy to the public.

The company also controls assets in banking, insurance, media, construction and agriculture.

In 2008, Gazprom's activities made up 10% of the Russian GDP.

Corruption

Swedish economist Anders Åslund, who has worked in Russia, estimates that 50 percent of the state-owned Gazprom's investments are lost through corrupt practices. For instance, the Russian section of Blue Stream pipeline was three times more expensive to construct per kilometer than the Turkish section of the pipeline.

Hermitage Capital Management was a prominent activist shareholder in Gazprom. Hermitage has helped to expose several high-profile cases of corruption in Gazprom between 1998 and 2000.

Shareholders

As of December 29, 2006, Gazprom's main shareholders were:

The Russian government controls 50.002 percent of shares in Gazprom through Rosimushchestvo, Rosneftegaz, and Rosgazifikatsiya.

Subsidiaries

Gazprom has several hundred subsidiaries in Russia and on abroad owned and controlled directly or indirectly.

Management

Board of Directors

Gazprom's Board of Directors as of August 2008:

Former members of the Board:

Management Committee

Gazprom's Management Committee as of December 2006:
  • Alexei Miller (Chairman, member since 2001)
  • Alexander Ananenkov (Deputy Chairman, member since December 17, 2001)
  • Valery Golubev (Deputy Chairman, member since April 18, 2003)
  • Alexander Kozlov (Deputy Chairman, member since March 18, 2005)
  • Andrey Kruglov (Deputy Chairman, Head of the Department for Finance and Economics, member since 2002)
  • Alexander Medvedev (Deputy Chairman, member since 2002, Director-General of Gazexport)
  • Mikhail Sereda (Deputy Chairman, Head of Administration, member since September 28, 2004)
  • Sergei Ushakov (Deputy Chairman, member since April 18, 2003)
  • Elena Vasilyeva (Deputy Chairman, Chief Accountant, member since 2001)
  • Bogdan Budzulyak (Head of the Department of Gas Transportation, Underground Storage and Utilization, member since 1989)
  • Konstantin Chuichenko (Head of Legal Department, member since 2002)
  • Viktor Ilyushin (Head of the Department of Relationships with Regional Authorities of the Russian Federation, member since 1997)
  • Olga Pavlova (Head of the Department of Asset Management and Corporate Relations, member since 2004)
  • Vasiliy Podyuk (Head of the Department of Gas, Gas Condensate and Oil Production, member since 1997)
  • Vlada Rusakova (Head of the Department of Strategic Development, member since September 5, 2003)
  • Kirill Seleznyov (Head of the Department of Marketing and Processing of Gas and Liquid Hydrocarbons, member since September 27, 2002, Director-General of Mezhregiongaz)


Former members of the Management Committee:

Shareholdings

Shares of the members of the Board of Directors and Management Committee (as of September 5, 2005):

Others have no share.

Sports sponsorships

Gazprom is the sponsor of Russian Premier League football club FC Zenit Saint Petersburg.

On January 1, 2007 Gazprom also became the sponsor of the German Bundesliga club FC Schalke 04 paying up to €25 million a year for the privilege.

Gazprom is currently in negotiations with Red Star Belgrade about a sponsorship deal. According to the press the contract is worth €30 million for 5 years.

See also



References

  1. Gazprom is a contraction of 'Газовая промышленность' (Gazovaya Promyshlennost), meaning 'gas industry'.
  2. Gazprom: Russia's Enron?, BusinessWeek online, February 18, 2002
  3. BBC News EUROPE | Russian TV station loses freedom
  4. BBC News EUROPE | Russian NTV viewers on the streets
  5. Putin is out to get me, says media tycoon World news | The Guardian
  6. BBC News EUROPE | Russian NTV handed to Gazprom
  7. Kremlin agrees price for Gazprom, BBC News, June 16, 2005.
  8. ОАО «Газпром» О компании / История / 2005 год
  9. BBC NEWS Business | Gazprom restores Ukraine gas flow
  10. Gazprom and Ukraine sign gas deal BBC March 13, 2008
  11. Gazprom: Open for Global Investors by Jason Bush, BusinessWeek, January 13, 2006.
  12. Gazprom opens doors to foreigners, BBC News, June 24, 2005.
  13. Full text in Russian
  14. Duma votes for Russian gas export monopoly by Neil Buckley and Tobias Buck, The Financial Times, June 16, 2006.
  15. Duma approves Gazprom export bill, BBC News, July 5, 2006.
  16. http://www.sptimes.ru/index.php?action_id=2&story_id=18152 Gazprom’s Monopoly On Exports Backed by Duma] by Stephen Boykewich, The Saint Petersburg Times #1184 (50), July 7, 2006.
  17. Russian gas demands irk Belarus, BBC News, December 18, 2006.
  18. Putin turns on close ally Belarus by Neil Buckley, Financial Times, December 13, 2006
  19. dn.kiev.ua/"
  20. Belarus-Gazprom Gas Talks Reach Impasse by Steve Gutterman, The Washington Post, December 26, 2006
  21. Belarus gas row 'may hurt Europe', BBC News, December 27, 2006
  22. Belarus, Russia sign new gas deal, CNN, December 31, 2006.
  23. "BP Set to Leave Russia Gas Project", by Guy Chazan and Gregory L. White, Wall Street Journal, 2007-06-23 p. A3
  24. "Gazprom Pipeline Plan May Fuel Worry" by Gabriel Kahn, Wall Street Journal, 2007-06-25 p. A11
  25. Financial Times, September 28, 2005
  26. Mosnews.com
  27. "Gazprom and Hermitage Capital: Shareholder Activism in Russia", Stanford Graduate School of Business Case IB-36, 2002
  28. Gazprom
  29. Gazprom
  30. http://www.gazprom.ru/documents/otchet_A6_22092005.doc


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